Anadarko Petroleum (APC) sold a 10% stack of their natural
gas development block offshore Mozambique for $2.64B in cash to India’s
state-controlled energy company ONGC Videsh. Anadarko now controls a 26.5% working interest in the
project off the coast of the country.
This extra cash will help
the company fund its’ plans to invest $5.5B in the US to boost oil production
during 2013. The news caused
Anadarko to move past $93 today, touching a new 52-week high of $93.12.
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